This article is from the Australian Property Journal archive
FEDERATION Centres and ISPT have unveiled a $110 million redevelopment of the Cranbourne Park shopping centre in Melbourne's south-east.
The development will add approximately 12,500 sqm of retail space including a brand new Target discount department store, a relocated and latest large-format design Coles supermarket, new mini-majors and around 55 new specialty shops.
The existing centre will also be refurbished and the current Kmart will be remodelled.
“We are very excited about this development. Cranbourne Park is in the heart of one of Victoria’s strongest growth corridors and will be truly transformed by this project to become the destination of choice for customers and retailers in the Cranbourne area,” Federation Centres’ executive general manager – development & asset strategy Jonathan Timms said.
“Apart from the increased choice and variety, shoppers will be offered improved amenities and convenience with new facilities for parents and children and additional undercover parking. The inclusion of a gym and commercial office space will also reinforce Cranbourne Park’s role as an integral part of the local community,” he added.
ISPT fund manager Mark Bassett said the shift to a more contemporary retail offer at Cranbourne Park will provide customers with an exciting new focal point.
Coles director of property Greg Chubb said the new supermarket will provide customers a full range superstore.
Hacer Group has been appointed contractor for the project. Minor works will commence prior to Christmas, with the main building activity underway in January 2014 and completion expected in 2015.
Property Review
